Tax time

rufrdr

rufrdr

Well-Known Member
Supporting Member
Joined
Jun 22, 2018
Messages
4,246
Location
Willow Spring
Rating - 100%
81   0   0
Had my taxes done today and found that earning less money sometimes can make more money for us. Since I quit my part-time job last April and we're living on a pension and SS, our tax bracket dropped from 22% to 12%. I was surprised how much money we are getting back. I think it is time to reduce how much SS is taking out each month. Earn less money, make more money? Not quite but close! My wife immediately said 'cruise time'!
 
Apparently, the best way to ā€œearn less, make more moneyā€ is to earn zero. Then you get a whole bunchā€™a free money. šŸ¤¬
 
eddie0225 said:
Wished that was true for everyone but it isnt
Click to expand...
Many years ago, when my boys were small, and I was in business for myself, I had a really terrible year one year. I owed very little in taxes, if anything. My CPA told me what my refund was going to be. Several thousand dollars. I hadnā€™t withheld nearly that much. I asked him how it could be that I would receive this ā€œlargeā€ refund if I hadnā€™t paid that much in during the year.

ā€œREFUNDABLE TAX CREDITS"

Who knew?
 
Last edited:
rufrdr said:
Had my taxes done today and found that earning less money sometimes can make more money for us. Since I quit my part-time job last April and we're living on a pension and SS, our tax bracket dropped from 22% to 12%. I was surprised how much money we are getting back. I think it is time to reduce how much SS is taking out each month. Earn less money, make more money? Not quite but close! My wife immediately said 'cruise time'!
Click to expand...
I saved this from a discussion on here years agoā€¦rates/numbers may not be the same today, but the point remains.

1708395028972.jpeg
 
fieldgrade said:
Many years ago, when my boys were small, and I was in business for myself, I had a really terrible year one year. I owed very little in taxes, if anything. My CPA told me what my refund was going to be. Several thousand dollars. I hadnā€™t withheld nearly that much. I asked him how it could be that I would receive this ā€œlargeā€ refund if I hadnā€™t paid that much in during the year.

ā€œREFUNDABLE TAX CREDITS"

Who knew?
Click to expand...
Yep I went thru that in my early years
 
I dropped my info at the accountants yesterday. Since my wife lost her job about a year ago and had almost NO income in 2023, I'm hoping for a little $$$ back uncle sugar

I'm not holding my breath though
 
Gardner said:
I dropped my info at the accountants yesterday. Since my wife lost her job about a year ago and had almost NO income in 2023, I'm hoping for a little $$$ back uncle sugar

I'm not holding my breath though
Click to expand...
Good luck!
 
I sent my federal and state forms in today; it is earlier than in prior years, but I had the necessary info and will get some money back.
 
You must log in or register to reply here.
Back
Top Bottom